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This is stupid, i'm saying that as someone that holds a small amount. People are just speculating ,instead of adopting ,and undermining it's utility.
by lawlessone 9y ago
This is stupid, i'm saying that as someone that holds a small amount. People are just speculating ,instead of adopting ,and undermining it's utility.
- ihsw2 9y agoWhat utility? It has no intrinsic value.
- tinco 9y agoIt has no utility, only intrinsic value.
- neals 9y agoIt has no intrinsic value, just utility.
- chatmasta 9y agoThe value of something is what somebody will pay for it. If you disagree with this, I challenge you to give an example of something that fits your description of intrinsic value. That is, something that would still have “value” even if nobody in the world were willing to pay for it.
- api 9y agoArable land, antibiotics. The latter would be worth many many times the value of gold in a post-collapse scenario.
- aaavl2821 9y agofood air water sunlight sex
- programmarchy 9y agoPeople are willing to pay for all of these things.
- tome 9y agoThat's the opposite of what chatmasta asked for.
- lawlessone 9y agoiron, can be made in to plows or swords.
- shuntress 9y agoThere is a 0% chance that I turn raw iron into a plow or sword. It has _no_ intrinsic value. If I received iron in trade for some goods/services the _only_ value it would have is as currency.
- lawlessone 9y agoYou could leave a piece in a pot as you're making soup if you are iron deficient. https://en.wikipedia.org/wiki/Lucky_iron_fish https://en.wikipedia.org/wiki/Lucky_iron_fish
- shuntress 9y agoBut if I already consume enough dietary iron, then the iron has no value. How can this be if it is supposed to have intrinsic value? Either I literally always need to consume more iron or the iron has no intrinsic value.
- ringaroundthetx 9y agoIn bitcoin's case it is a liquid global asset, this has never happened before, this allows it to be used as collateral globally which is what SALT enables. This is one innovation driven by speculation. Without speculation you wouldn't have the liquidity, and it would be a bad collateral system. The SALT system allows people worldwide to lend to others. Even in sanctioned countries because they can just source lenders in those countries and the borrower has the universal collateral. And thats just one utility, only possible because of the speculation driving liquidity.
- wereHamster 9y agoI really hope that the lightning network (which had its first successful test a day ago) will end this speculation bubble (by enabling fast microtransactions). Currently BTC is not suitable for general trading, the transaction fees are too high. But I really would like to be able to pay for things using BTC, online or in stores.
- chatmasta 9y agoWhat level of volatility would be acceptable for you to begin transacting in bitcoin? Imagine you bought a coffee with BTC for $3 in 2014. How much did you really pay for that coffee?
- warent 9y agoThe purist would say $0 because you paid for it in BTC
- wereHamster 9y agoNot more than current fiat currency volatility (say, USDEUR or EURCHF). If I transfer 1000 USD to my bitcoin (or LN) wallet at the beginning of the month, I want it to remain roughly stable till the end of the month, so I can easily pay for stuff throughout the month without worry about loosing half of it.
- s73ver_ 9y agoThe price of BTC went up by $2k USD in 2 hours this morning. Why would anyone want to use it to buy something when there's a good chance it'll be worth more in a day or so?
- shuntress 9y agoI think that is their point. It would be nice if BTC would stabilize so that it can actually be used for purchasing something other than USD.
- mikeash 9y agoAnd conversely, it just fell by $3,000 in 20 minutes. Why would anyone accept it for a purchase when there's a good chance it'll be worth substantially less not long after?
- ThomPete 9y agoA central bank is governed by a nation state who just speculate in how they keep and expand their power. This is the first time a truly global, decentralized and truly always on digital store of value has been accomplished. This is a big thing and the current price is nothing compared to the future prospect of this.
- afghanPower 9y agoYet the solution Bitcoin supporters have to slow transactions etc. is Lightning network which in principle makes transactions centralized.